Energy sales, which accounted for roughly 60% of Valves & Controls sales, grew 2%. Oil & gas industry sales had strong double-digit growth in the quarter, but some project delays impacted orders in the quarter. Power industry sales remained weak and mining industry sales had continued growth.

Industrial sales, which accounted for roughly 30% of Valves & Controls sales, grew 2%. Process sales in Asia were weak, but orders and backlog grew in the quarter.

Valves & Controls delivered fourth quarter adjusted operating income of $42 million down 3% compared to $43 million in the same quarter last year. Fourth quarter 2012 adjusted operating margins decreased 40 basis points to 7.6%. Price and productivity generally offset inflation, but mix and transition costs contributed to margin contraction in the quarter. Including repositioning and acquisition related charges, Valves & Controls reported a GAAP operating loss of $77 million in the fourth quarter.